WG-519 PTY LTD - WA-519-P PROJECT (PRM 12.5%)AUSTRALIAIn March 2022, Prominence Energy Ltd (“PRM”) finalised the acquisition of a 12.5% interest in the Multi-TCF Sasanof Gas Prospect located in exploration Permit WA-519-P on the Northwest Shelf, Australia.. PRM acquired a 12.5% shareholding interest in the WA-519-P licence holder, Western Gas (519 P) Pty Ltd (WG519). The Sasanof-1 well was drilled with the Valaris MS-1 semi-submersible in Q2 2022. Sasanof-1 was a vertical well, drilled to a depth of approximately 2,400m in 1,070m of water. The main target zone was encountered at the expected depth but found to contain no hydrocarbons. The preliminary conclusion, on the reason for failure, was a lack of seal on the western edge of the trap. Above the reservoir a hard zone was encountered (as anticipated), however, the hard streak was harder and thicker than anticipated pre-drill. The contrast in velocities from the “harder hard streak” to the underlying shale and sand produce an effect that looked like gas on the seismic, before being disproved through the drilling result. Drilling costs were estimated to be in the range of US$20-25 million (US$5-6.25 million PRM share) and the well was drilled on budget. The well was completed safely, on budget and as scheduled with no reportable HS&E issues. Remaining potential of WA-519-PWA-519-P is located offshore Western Australia, on the Exmouth Plateau approximately 200km northwest of Onslow. The area is surrounded by proven gas fields. WA-519-P has one further year to run in its primary term, to September 2023 and subject to application and partial relinquishment, may be extended for a further 5-year term. Sasanof was the largest and shallowest prospect in the WA-519-P Licence area and was selected as the first prospect to be drilled as the largest and most high impact target. The well was drilled in 2022 but failed to find commercial hydrocarbons. There are a number of other sizable leads and prospects that are being matured, with Triassic, Jurassic and Cretaceous prospects and leads remaining undrilled. The two most sizeable are Maraboa and Kingsburgh. Maraboa is a Lower Barrow Group, Cretaceous prospect with an area of up to 101km2 analogues for this play type include Pinhoe, Bravo, Nimblefoot and Lightfinger discoveries. Kingsburgh is a Jurassic syn-rift play with an area of up to 80km2. Kingsburgh lies under the Maraboa structure and both leads may potentially be drilled with a single well. In addition, there are further leads in the deeper Triassic Mungaroo The leads are not yet fully mapped or drill read, however, this will be the focus of the work in the final year of the current Licence term.
Location of WA-519-P (PRM 12.5% beneficial interest).